BTC/USD Could this be the bottom?
Here is what i see the BTC -3.89% chart to be as of today (06/13/18)
Using elliott wave , median lines, pitchforks , supports/resistances i have been able to come up with a valid zone for Bitcoin -3.89% to bounce and perform a reversal.
Many valid confluences have been found within the chart:
1) Pitchfork Median line lines up perfectly with the 2 support levels ($5400 on 11/12/17 & $6000 on 02/06/18)
2) Nearing a reversal point within the triangle formed from the hagopian line and the pitchfork median line (red triangle)
3) RSI is approaching the 26 level which has been a strong support since 2016
4) 78.6% Fib level is also around the $5500 territory
Using the hagopian line from the top of the pitchfork to the higher pivot point , we can see it preform well as a resistance to the trend (also noted on the chart). This has created a triangle between the median and the hagopian line which is nearing its APEX.
This could be a good trade to take at the target zone with a tight stop loss incase it goes further beneath the $5400 level.
Let me know what you think!
Leave a comment down below if you have any tips/suggestions as i am still learning
Thank you
- Nickd534
Using elliott wave , median lines, pitchforks , supports/resistances i have been able to come up with a valid zone for Bitcoin -3.89% to bounce and perform a reversal.
Many valid confluences have been found within the chart:
1) Pitchfork Median line lines up perfectly with the 2 support levels ($5400 on 11/12/17 & $6000 on 02/06/18)
2) Nearing a reversal point within the triangle formed from the hagopian line and the pitchfork median line (red triangle)
3) RSI is approaching the 26 level which has been a strong support since 2016
4) 78.6% Fib level is also around the $5500 territory
Using the hagopian line from the top of the pitchfork to the higher pivot point , we can see it preform well as a resistance to the trend (also noted on the chart). This has created a triangle between the median and the hagopian line which is nearing its APEX.
This could be a good trade to take at the target zone with a tight stop loss incase it goes further beneath the $5400 level.
Let me know what you think!
Leave a comment down below if you have any tips/suggestions as i am still learning
Thank you
- Nickd534
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